Chinese steel giant Baowu’s Xinjiang Province based Chinese steelmaker Bayi Iron and Steel has registered an operating revenue of CNY 13.070 billion (USD 1.9 billion) in H1 of 2022, down 11.5% YoY, with net loss of CNY 144 million (USD 21 million), shifting from a net profit of CNY 136 million recorded in the same period of 2021 as Covid-19 pandemic and the Ukraine-Russia crisis exerted a negative impact on the steel market, contributing to the company’s net loss. In the first six months, the company's outputs of pig iron, crude steel and finished steel amounted to 2.64 million tonnes, 2.89 million tonnes and 2.74 million tonnes, down 17.5%, 16.5% &d 17.2% YoY, respectively.The steel plant in Urumqi in Xingjian Province was founded in 1951 by the People's Liberation Army. It was named "8 1" based on the date of the establishment of PLA on 1 August 1927. It became a limited company after the marketization of China. A subsidiary was incorporated in 2000 to float the main steel manufacturing business in the stock exchange. In 2007, Ba Yi Iron and Steel Group was renamed from Xinjiang Ba Yi Iron and Steel Group Co. Baosteel acquired 69.56% stake of the company by injecting new share capital into the group (for ¥3 billion RMB), diluting the stake of the State-owned Assets Supervision and Administration Commission of the People's Government of Xinjiang Uyghur Autonomous Region to 15%. Xinjiang SASAC also transferred their stake to their wholly owned subsidiary
Chinese steel giant Baowu’s Xinjiang Province based Chinese steelmaker Bayi Iron and Steel has registered an operating revenue of CNY 13.070 billion (USD 1.9 billion) in H1 of 2022, down 11.5% YoY, with net loss of CNY 144 million (USD 21 million), shifting from a net profit of CNY 136 million recorded in the same period of 2021 as Covid-19 pandemic and the Ukraine-Russia crisis exerted a negative impact on the steel market, contributing to the company’s net loss. In the first six months, the company's outputs of pig iron, crude steel and finished steel amounted to 2.64 million tonnes, 2.89 million tonnes and 2.74 million tonnes, down 17.5%, 16.5% &d 17.2% YoY, respectively.The steel plant in Urumqi in Xingjian Province was founded in 1951 by the People's Liberation Army. It was named "8 1" based on the date of the establishment of PLA on 1 August 1927. It became a limited company after the marketization of China. A subsidiary was incorporated in 2000 to float the main steel manufacturing business in the stock exchange. In 2007, Ba Yi Iron and Steel Group was renamed from Xinjiang Ba Yi Iron and Steel Group Co. Baosteel acquired 69.56% stake of the company by injecting new share capital into the group (for ¥3 billion RMB), diluting the stake of the State-owned Assets Supervision and Administration Commission of the People's Government of Xinjiang Uyghur Autonomous Region to 15%. Xinjiang SASAC also transferred their stake to their wholly owned subsidiary
